Copper advances on Asian trade
Metal Recycling News | 2012-01-25 00:53:53
Copper futures at global markets rose on Wednesday as some Asian markets reopened after a break, and a flurry of technical buying in low volume trade with top consumer China still away
By Paul Ploumis
LONDON (Scrap Monster): Copper futures at global markets rose on Wednesday as some Asian markets reopened after a break, and a flurry of technical buying in low volume trade with top consumer China still away.
London copper hit a four-month high on Wednesday.
Tracking the global cues, copper futures at India’s Multi Commodities Exchange (MCX) are also trading on a higher note.
Copper February contract at MCX is trading at Rs. 424.05 per Kg, up by 0.38 percent at 11:14 IST.
The contract traded at a high of Rs. 424.90 per Kg and a low of Rs 423.00 per Kg for the time being. Volume traded is 10933 kg so far and open interest is 36375 lots as of now.
Three-month copper on the London Metal Exchange rose 0.78 percent to $8,428 a tonne by 0250 GMT, extending gains from the previous session.
It earlier hit its highest since September 19 at $8,455.25 a tonne, and has climbed around 11 percent so far this year.
Shanghai Futures Exchange will remain closed this week for the Lunar New Year holidays.
